Core Viewpoint - Amplify ETFs announced a correction in the net asset value (NAV) of the Breakwave Tanker Shipping ETF (BWET) due to a security pricing error, resulting in an increase of $0.1465 per share on July 23, 2025 [1][2]. Fund Performance - The revised NAV for BWET is $10.8364, up from the original NAV of $10.6899, reflecting a change of +1.37% [2]. - This adjustment is described as a one-time correction, with no further NAV changes expected [2]. Company Overview - Amplify ETFs, sponsored by Amplify Investments, manages over $12 billion in assets across its ETF offerings as of June 30, 2025 [3]. - The company focuses on providing diverse investment opportunities aimed at growth, income, and risk-managed strategies through both actively managed and index-based ETFs [3].

Global Freight Monitor Equities Updates on US tariffs and the impact Global US tariff updates: On 8 July, the Trump administration delayed the 10% baseline tariff (from 9 July to 1 August previously). Among the US's key trading partners, tariffs were set at 25% for Japan, Korea and Malaysia, 36% for Thailand and 35% for Canada, effective from 1 August. Note Vietnam and the US on 2 July agreed a 20% tariff on Vietnamese exports and 40% duty on transhipped goods. On 10 July, the Trump administration threatene ...

Q3 2019 Highlights - VLCC average spot rate in TI pool was $25,036, compared to $17,773 in Q3 2018[8] - VLCC average time charter rate was $32,790, compared to $31,374 in Q3 2018[8] - Suezmax average spot rate was $17,121, compared to $14,919 in Q3 2018[8] - Suezmax average time charter rate was $29,884, compared to $29,624 in Q3 2018[8] - Very strong start to Q4 with VLCC rates booked at $60,900 per day so far[11] - For Q4, Euronav has 90% of trading fleet exposed to spot market[11] - Outlook for Q4 shows VLCC 60% fixed at around $60,900 per day and Suezmax 48% fixed at around $27,300 per day[11] Financial Performance - Revenue for the third quarter of 2019 was $175,287 thousand[12] - Net loss for the period was $22,903 thousand[12] - Loss per share was $0.11[13] - Cash position was $183.7 million as of September 2019[14] - Leverage is at 44% marked to market[15] Market Outlook and Strategy - The company will pay quarterly dividends starting in 2020[11] - Active commercial consolidation with over 70 VLCCs on one platform from 2020[17] - IMO induced storage provides catalyst for freight rates[18] - Euronav is actively preparing for IMO 2020 by purchasing LSFO[26, 27]

Financial Performance Highlights - The company's revenue for Q1 2020 was $416.7 million, a significant increase compared to $232.6 million in Q1 2019[12] - Net income for Q1 2020 reached $225 million, substantially higher than the $19.5 million reported in Q1 2019[15, 12] - Fuel procurement project resulted in $17.5 million savings in Q1 2020, impacting VLCC rates by $5,000 per day[14] - Dividends totaling $1.08 per share will be paid in June[11] Fleet and Market Dynamics - Average spot rates for VLCCs in Q1 2020 were $72,750 per day, compared to $35,195 in Q1 2019[8] - Average spot rates for Suezmax vessels in Q1 2020 were $59,250 per day, versus $27,380 in Q1 2019[8] - For Q2, 71% of VLCC days were fixed at approximately $95,000 per day, and 57% of Suezmax days were fixed at around $65,400 per day[11] - 125 VLCCs are currently used for storage, including 65 taken for market storage in April and 38 Iranian VLCCs[31] Balance Sheet and Capital Allocation - The company's cash position increased to $312.2 million in March 2020 from $297 million in December 2019[17] - Mandatory debt repayment for Q1 2020 was $28 million, with a $69 million reduction in the Revolving Credit Facility (RCF)[19] - $100 million was allocated towards the purchase of 4 VLCC resales[19] Future Market Outlook - The company anticipates a potential storage draw in the mid-term, with two scenarios: a quick draw if contango persists, or a slow draw if backwardation occurs[32] - The company notes that 26% of the VLCC fleet is over 15 years old, suggesting a potential for fleet resizing[35]

Financial Performance in Q4 2020 - VLCC average spot rate in TI pool decreased to $20,500 per day, a significant drop compared to $61,700 in Q4 2019[8] - VLCC average time charter rate increased to $44,700 per day from $35,700 in Q4 2019[8] - Suezmax average spot rate decreased to $12,500 per day from $41,500 in Q4 2019[8] - Suezmax average time charter rate remained relatively stable at $29,500 per day compared to $29,300 in Q4 2019[8] - Revenues were $138 million[13] - EBITDA was $36 million[13] - Net income was -$58.7 million[13] - VLCC cash breakeven was $18,000 per day[13] - Suezmax cash breakeven was $16,000 per day[13] Strategic Initiatives and Capital Allocation - The company extended FSO contracts for another 10 years, until 2032[11] - A fixed cash dividend of USD 0.03 per share was declared, in line with the distribution policy[11] - An additional $50 million share repurchase program was initiated[11] - $119.5 million was returned via share buybacks in FY2020[12] - Since 2018, Euronav has returned $146 million via buybacks, plus an additional $50 million[17] Market Outlook and Factors - Q1 2021 outlook: approximately 46% of VLCC days were fixed at around $16,400 per day, and 54% of Suezmax days were fixed at around $9,200 per day[11] - The company noted sustained pressure on freight rates due to reduced demand, OPEC cuts, and an oversupply of vessels[11] - The company highlighted that 62 VLCCs will require special surveys during 2021, potentially creating conducive conditions for recycling older tonnage[21] - Recycle value for VLCC is greater than $18 million[21] - The IEA global oil demand forecast indicates that recovery to 2019 peak levels of consumption is deferred to Q3 2022[22] - Leverage is at 37.3% of book value[16, 26]

Company Overview - Tsakos Energy Navigation (NYSE: TEN) is a significant player in the shipping industry, primarily focusing on tankers with a fleet of just over 60 vessels, including 3 VLCC, 12 Suezmax, and 27 Aframax vessels [1] - The company is set to take delivery of just over 20 additional vessels, indicating growth and expansion in its operations [1] Investment Insights - The investment group European Small Cap Ideas provides exclusive access to actionable research on appealing Europe-focused investment opportunities, particularly in the small-cap sector, emphasizing capital gains and dividend income [1] - The group features two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [1] Analyst Positions - There is a disclosed long position in TEN.PR.E, indicating a positive outlook on this specific security [1] - Additionally, there is a long position in TEN.PR.F, with plans to write more put options to establish a long position in TEN's common shares [2]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $76 million or $2.2 per share and adjusted net income of $42 million or $1.21 per share in the first quarter [5] - The company generated approximately $65 million in free cash flow from operations during the quarter [6] - Teekay Tankers declared a regular quarterly fixed dividend of $0.25 per share and a special dividend of $1 per share, totaling a dividend payout of $1.25 per share [8] Business Line Data and Key Metrics Changes - Teekay Tankers has sold six vessels for total gross proceeds of approximately $183 million, with an expected accounting gain on sale of approximately $53 million [6] - The company has secured spot rates of $40,400 per day for Suezmax and $36,800 per day for Aframax LR2 fleets, with approximately 45% of spot days booked [7] Market Data and Key Metrics Changes - Midsized tanker spot rates have increased to the highest levels in over twelve months due to increased crude oil exports and sanctions on Russian and Iranian shipping [9] - Suezmax tanker tonne miles demand has benefited from a strong increase in the export of Kazakh crude oil, with record high loadings in March [10] Company Strategy and Development Direction - Teekay Tankers is focused on reducing exposure to older tankers and opportunistically selling 2009-built Suezmaxes as part of a fleet renewal plan [6] - The company is looking to acquire more modern tonnage as opportunities arise, while maintaining a disciplined approach to capital allocation [7][20] Management's Comments on Operating Environment and Future Outlook - Management noted that low oil prices support the tanker market through reduced operational costs and potential higher oil demand [12] - There is uncertainty regarding medium-term tanker market outlook due to economic and geopolitical developments, including trade tariffs and the ongoing war in Ukraine [14][17] Other Important Information - The average age of the global tanker fleet is 13.9 years, the highest since February 2001, indicating a potential need for scrapping older vessels to rebalance the fleet [19] - Teekay Tankers' free cash flow breakeven has declined to $13,200 per day, allowing for cash generation in various market conditions [20] Q&A Session Summary Question: Market outlook and asset values - Management discussed the balance between maintaining cash flow and the need to reinvest in new vessels, indicating that opportunities to reload may arise as market conditions change [24][25] Question: Attractively priced assets and liquidity - Management acknowledged the attractiveness of TNK shares trading at a discount to NAV but emphasized the need to invest in operational capacity for future cash flows [30][31] Question: Maintaining critical mass in fleet - Management indicated there is a threshold for fleet size that should not be dipped below to maintain commercial presence, but they have room to maneuver [38][39] Question: Capital deployment in tankers - Management expressed satisfaction with the current sector performance and indicated a focus on adjacent sectors for potential capital reallocation [46] Question: Seasonal strength of rates - Management noted that low oil prices and low inventories could lead to counter-seasonal strength in tanker rates, despite the uncertainty in the longer-term outlook [62][64]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $76 million or $2.2 per share and adjusted net income of $42 million or $1.21 per share in the first quarter [5] - The company generated approximately $65 million in free cash flow from operations during the quarter [6] - Teekay Tankers declared a regular quarterly fixed dividend of $0.25 per share and a special dividend of $1 per share, totaling $1.25 per share payable in May [7][8] - Book equity per share increased by over $21 to approximately $53 per share as of March 31, 2025 [8] Business Line Data and Key Metrics Changes - The spot tanker market has strengthened, with secured spot rates of $40,400 per day for Suezmax and $36,800 per day for Aframax LR2 fleets, with approximately 45% of spot days booked [7] - The company has sold six vessels for total gross proceeds of approximately $183 million, with an expected accounting gain of approximately $53 million [6] Market Data and Key Metrics Changes - Midsized tanker spot rates have increased to the highest levels in over twelve months due to increased oil production from The Americas and U.S. sanctions on Russian and Iranian shipping [9] - Suezmax tanker tonne mile demand has benefited from a strong increase in the export of Kazakh crude oil, with record high loadings in March [10] - Aframax loadings from Vancouver have also reached record highs, with a significant increase in direct transits to Asia [11] Company Strategy and Development Direction - Teekay Tankers is focused on reducing exposure to older tankers and opportunistically selling 2009-built Suezmaxes as part of a fleet renewal plan [6] - The company aims to balance cash flow generation while remaining patient for future fleet renewal opportunities [20] - The management is assessing the potential for acquiring modern tonnage as market conditions evolve [7][25] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium-term outlook for the tanker market, despite uncertainties due to geopolitical developments and economic conditions [14][17] - The company is monitoring the impact of U.S. trade tariffs and geopolitical tensions on global oil demand and tanker rates [15][17] - Management noted that low oil prices could support tanker demand through reduced operational costs and potential increases in oil demand [12][13] Other Important Information - The average age of the global tanker fleet is 13.9 years, the highest since February 2001, which may lead to increased scrapping if market conditions worsen [18] - The pace of tanker newbuild orders has slowed significantly, with only 2.8 million deadweight tonnes ordered in the first quarter of 2025 [18] Q&A Session Summary Question: Market outlook and asset values - Management discussed the challenge of aligning a positive market outlook with the need for attractive asset prices for fleet renewal [22][25] Question: Maintaining critical mass in fleet - Management indicated there is a threshold for maintaining a critical mass of vessels, but current commercial performance remains strong [35][37] Question: Capital allocation and investment strategy - Management confirmed that they are assessing the attractiveness of investing in TNK shares given the liquidity available [28][31] Question: Seasonal strength of rates - Management noted that low oil prices and low inventories could lead to counter-seasonal strength in tanker rates [50][61] Question: Scrapping and fleet dynamics - Management acknowledged the potential for pressure on rates if no scrapping occurs, but noted that the aging fleet could lead to natural corrections [55][57]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $76 million or $2.2 per share and adjusted net income of $42 million or $1.21 per share in Q1 2025 [5] - The company generated approximately $65 million in free cash flow from operations during the quarter [6] - Teekay Tankers declared a regular quarterly fixed dividend of $0.25 per share and a special dividend of $1 per share, totaling a payout of $1.25 per share [7][9] - Book equity per share increased by over $21 to approximately $53 per share as of March 31, 2025 [8] Business Line Data and Key Metrics Changes - The tanker market has seen a strengthening in spot rates, with rates of $40,400 per day for Suezmax and $36,800 per day for Aframax LR2 fleets, with approximately 45% of spot days booked [7] - The company has sold six vessels for total gross proceeds of approximately $183 million, with an expected accounting gain of approximately $53 million [6] Market Data and Key Metrics Changes - Midsized tanker spot rates have increased to the highest levels in over twelve months due to increased oil production from The Americas and U.S. sanctions on Russian and Iranian shipping [10] - Suezmax tanker tonne miles demand has benefited from a strong increase in the export of Kazakh crude oil, with record high loadings in March [11] - Aframax loadings from Vancouver have also reached record highs, with a significant increase in direct transits to Asia [12] Company Strategy and Development Direction - Teekay Tankers is focused on reducing exposure to older tankers and opportunistically selling older vessels while acquiring modern vessels as part of a fleet renewal plan [6] - The company is maintaining a disciplined approach to capital allocation, balancing cash flow generation with the need to reinvest in new vessels when market conditions are favorable [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium-term outlook for the tanker market, despite uncertainties due to geopolitical developments and economic conditions [15][18] - The company noted that low oil prices could support tanker demand through reduced operational costs and potential inventory rebuilding [14] - There is a cautious outlook regarding the potential for a global recession impacting oil demand growth [15] Other Important Information - The pace of tanker newbuild orders has slowed significantly, with only 2.8 million deadweight tonnes ordered in Q1 2025, the lowest since Q3 2022 [19] - The average age of the global tanker fleet is at its highest since February 2001, standing at 13.9 years as of April 2025 [20] Q&A Session Summary Question: Market outlook and asset values - Management acknowledged the challenge of aligning a positive market outlook with the need for attractive asset prices, indicating a potential shift from a seller to a buyer mentality as market conditions evolve [25][26] Question: Maintaining critical mass in fleet - Management confirmed there is a threshold for maintaining a critical mass in fleet size, but current commercial performance remains strong despite recent vessel sales [38][40] Question: Capital allocation and investment strategy - Management discussed the importance of capital allocation, indicating a preference for reinvesting in the tanker sector rather than diversifying into other sectors, while also considering adjacent sectors for potential investment [44][46] Question: Seasonal strength and geopolitical impacts - Management noted that while there may be seasonal strength in rates, geopolitical factors and low inventories could create a complex environment for future rate predictions [52][60]

Financial Performance - Net income for Q1 2025 was $50 million, or $1.00 per share[10] - Adjusted net income for Q1 2025 was $40 million, or $0.80 per share[10] - Q2 2025 blended spot fixtures are 45% fixed at approximately $31,200 per day[10] - Total liquidity stands at $673 million[14] - Gross debt is $601 million with the earliest maturity in 2030[14] - Paid a combined dividend of $0.70 per share in March 2025[15] Fleet Optimization and Balance Sheet - Exchanged 2 VLCCs (14+ years old) and $3 million cash for 3 MRs (<10 years old)[18] - Net proceeds from 2 MR deliveries and 2 VLCC sales closed in Q1 2025 amounted to $50 million[18] - Net Loan to Value is 15%[14] - The company has 34 unencumbered vessels[14] Market Outlook - Orderbook relative to the size of the fleet is 14%[30]